BOI Personal Loan helps ensure money for home renovation, marriage, education, etc. This is an unsecured loan, so you don’t need to pledge your assets to procure the same. Read the article below to know more about the BOI Personal Loan Benefits.
Check Out the List of Personal Loan Benefits
You will get the following benefits from Bank of India when you borrow a personal loan –
15X the Monthly Income Available in Lump Sum
Yes, you can borrow 15X your monthly income in one go with BOI Personal Loan, subject to a maximum of INR 10 Lakh. Using such a huge loan amount, you can meet all your financial obligations.
Attractive Rate of Interest Compared to the Other Offers in the Market
You must be worried about the interest payout, don’t be as BOI Personal Loan Interest Rate starts from 10.35% per annum. It is one of the lowest personal loan interest rates available in the market. So, do consider BOI Personal Loan as well as its competing products.
Flexible Tenure for Easy Repayment of the Borrowed Money
The bank allows you to repay the borrowed loan and applicable interest within 36 equated monthly installments and this will begin one month after the disbursement of the loan amount. In exceptional cases, up to 60 months of tenure can be provided.
BOI Personal Loan Tools Accessible Online
To check the eligibility of your BOI Personal Loan, use the personal loan calculator. Inside the online tool, you need to provide the following –
Gross Monthly Salary/Income – Your gross monthly income lets the bank know how much you bring home each month. Because using that information, the bank can find whether your income will be enough for the borrowed loan repayment.
Gross Monthly Deduction – The monthly expense details let the bank know whether you can afford the BOI Personal Loan EMI. People with a high come have higher chances of ensuring regular EMI payments. On the other hand, if you barely meet the monthly income requirement, it may be difficult for you to pay the EMIs.
Tenure – You can choose the repayment tenure for your BOI personal loan. Make sure the longer the tenure, the shorter will be the EMI. And vice versa will be the case. So, opt for a shorter tenure only if you’re capable of paying a high EMI amount.
Loan Amount – Enter the amount you need from BOI. Don’t borrow a high loan amount. Because it will only make your repayment longer.
When you use this calculator, you can see the eligible loan amount, interest rate and EMI amount on your screen. Check out the below example to know it better.
Sanjay, a 30-year old corporate employee, needs lump sum money for marriage preparations. After searching across the internet Sanjay came across BOI Personal Loan. Being impressed with the loan features, Sanjay decides to apply for a personal loan. But before making an instant decision, Sanjay uses the BOI Personal Loan Calculator. He enters the following details in the calculator –
- Gross income – INR 50,000 per month
- Monthly expenses – INR 15,000
- Loan tenure – 60 months
- Loan amount – INR 5 Lakh
Now, the calculator generates the following result –
- Eligible loan amount – INR 6,68,994
- EMI – 5,641
- Interest rate – 12.35% per annum
On the other hand, Neeraj also needs a lump sum money for his house renovation. He sees the advertisement of BOI Personal Loan on TV and decides to give it a try. Well, Neeraj didn’t make a calculative decision and applied for the loan without checking the eligibility. So, his loan application got rejected because his income and BOI Personal Loan Calculator ratio aren’t compatible.